Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the pro classification of the following items: a. $66,000 in cash restricted in a savings account to pay debt. The debt matures in 2028. b. Prepaid rent of $40,000, covering the period January 1, 2025, through December 31, 2026. c. Notes payable of $232,000. The notes are payable in annual installments of $36,000 each, with the first installment paya March 1, 2025. d. Accrued interest payable of $28,000 related to the notes payable is due June 30, 2025. e. Investment in equity securities of other corporations, $112,000. Cone intends to sell one-half of the securities in 2025.

Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the pro classification of the following items: a. $66,000 in cash restricted in a savings account to pay debt. The debt matures in 2028. b. Prepaid rent of $40,000, covering the period January 1, 2025, through December 31, 2026. c. Notes payable of $232,000. The notes are payable in annual installments of $36,000 each, with the first installment paya March 1, 2025. d. Accrued interest payable of $28,000 related to the notes payable is due June 30, 2025. e. Investment in equity securities of other corporations, $112,000. Cone intends to sell one-half of the securities in 2025.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 11C

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